India's oil reserves cover just 9‑10 days as global crude prices slide below $80

India’s strategic petroleum reserves are sufficient for only about 9 to 10 days of net crude‑oil imports, far less than the 200‑plus days held by peers such as Japan and South Korea. The Council on Energy, Environment and Water warns that any disruption to oil, LNG, LPG, coal or key shipping routes could quickly affect fuel prices, cooking costs, fertiliser subsidies, industrial competitiveness and inflation in the country.

At the same time, global crude oil prices have fallen to a three‑month low of below $80 a barrel, after a U.S.–Iran cease‑fire agreement raised expectations of increased energy exports. Analysts say the price drop could reduce India’s import bill and narrow its trade and current‑account deficits, though short‑term volatility may persist. Hemant Mallya of CEEW cautioned that "disruptions in crude oil, LNG, LPG, coal, or key shipping routes can quickly affect cooking costs, transport fuel prices, fertiliser subsidies, industrial competitiveness, and inflation," while Sehul Bhatt of Crisil Intelligence noted that the market could remain volatile as the peace deal is implemented.